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Broadridge Reports Second Quarter Fiscal Year 2013 Results

Reaffirms Full Year Guidance

LAKE SUCCESS, NY -- (Marketwire) -- 02/07/13 -- Broadridge Financial Solutions, Inc. (NYSE: BR) today reported financial results for the second quarter of its fiscal year 2013. For the three months ended December 31, 2012, the Company reported revenues of $493 million, GAAP net earnings from continuing operations of $16 million, Non-GAAP net earnings from continuing operations of $22 million, GAAP diluted earnings per share from continuing operations of $0.13 and Non-GAAP diluted earnings per share from continuing operations of $0.17. This compares with revenues of $480 million, GAAP net earnings from continuing operations of $7 million, Non-GAAP net earnings from continuing operations of $19 million, GAAP diluted earnings per share from continuing operations of $0.05 and Non-GAAP diluted earnings per share from continuing operations of $0.15 for the comparable quarter of the previous fiscal year.

Our fiscal year 2013 Non-GAAP results exclude the impact of Acquisition Amortization and Other Costs and restructuring charges. In addition, our fiscal year 2012 Non-GAAP results exclude the impact of Acquisition Amortization and Other Costs, an impairment charge, and IBM Migration costs. The significant Non-GAAP adjustments to our results are described in more detail below.

Commenting on the results, Richard J. Daly, Chief Executive Officer, said, "Overall, I am satisfied with our second quarter results. For the quarter, our recurring revenues grew 3% in an ongoing challenging market environment. Although our sales pipeline is as strong as ever, I am not satisfied with our year-to-date recurring revenue closed sales results which were down approximately 45% compared with last year. This is primarily due to a longer than anticipated sales cycle for pending transactions with revenue greater than $5 million. During the first half of the year, we did not close any sales with revenue greater than $5 million, compared to the same period last year when we closed $22 million of such large sales." He continued, "Due to the seasonal nature of our business, the first half of the fiscal year generally contributes less than 20% to our annual earnings results." Mr. Daly concluded, "We expect to achieve our full year guidance as a result of our strong sales pipeline including the large pending sales, 99% client revenue retention rate, the leading market position our brand and products enjoy, and our continued commitment to drive cost efficiencies through the organization. With the long and difficult exit from the Clearing business behind us and event-driven revenues stabilized near their historical lows, moving forward, we are highly confident that our clear and executable strategy will create shareholder value across both our business segments."

Financial Results for Second Quarter Fiscal Year 2013

For the second quarter of fiscal year 2013, revenues increased 3% to $493 million, compared to $480 million for the comparable period last year. The increase was driven by a positive contribution from recurring fee revenues of approximately $9 million including net new business (defined as closed sales less client losses) and higher distribution revenues of $3 million. GAAP pre-tax margins from continuing operations of 5.0% increased compared to 2.2% for the same period last year primarily due to the impact of the $10 million impairment charge on the Penson Worldwide, Inc. ("Penson") common stock and $4 million of IBM Migration costs in the prior year. Non-GAAP pre-tax margins from continuing operations were 6.9% compared to 6.3% for the same period last year.

For the second quarter of fiscal year 2013, GAAP net earnings from continuing operations of $16 million increased 132%, compared to $7 million for the same period last year, primarily due to the impact of the aforementioned Penson impairment charge and IBM Migration costs in the prior year. Non-GAAP net earnings from continuing operations were $22 million. GAAP diluted earnings per share from continuing operations increased to $0.13 per share, compared to $0.05 per share in the second quarter of fiscal year 2012. Non-GAAP diluted earnings per share from continuing operations were $0.17 compared to $0.15 in the second quarter of fiscal year 2012. The Penson impairment charge and IBM Migration costs decreased GAAP diluted earnings per share by $0.05 and $0.02, respectively in the prior year.

Analysis of Second Quarter Fiscal Year 2013

Investor Communication Solutions

Revenues for the Investor Communication Solutions segment increased $10 million, or 3%, to $327 million in the second quarter of fiscal year 2013 compared to the second quarter of fiscal year 2012. Higher recurring fee revenues contributed $7 million and higher distribution revenues contributed $3 million. The positive contribution from recurring fee revenues was driven primarily by net new business and internal growth. Operating margin increased by 1.7 percentage points to 5.0% as a result of higher recurring revenues and cost containment efforts.

Securities Processing Solutions

Revenues for the Securities Processing Solutions segment increased $3 million, or 2%, to $164 million in the second quarter of fiscal year 2013 compared to the second quarter of fiscal year 2012. The increase was driven by net new business offset by lower trade volumes and the decline in revenues resulting from the new outsourcing services contract with Apex Clearing Corporation ("Apex") replacing the terminated outsourcing services contract with Penson. Operating margin decreased, as expected, by 0.3 percentage points to 12.2% as a result of revenue mix.

Other

Pre-tax loss from continuing operations decreased by $8 million in the second quarter of fiscal year 2013, primarily due to the Penson impairment charge of $10 million in the same period last year.

Financial Results for Year-to-Date Fiscal Year 2013

For the six months ended December 31, 2012, revenues increased $33 million, or 3%, to $989 million, compared to $956 million for the comparable period last year. The increase was driven by a positive contribution from recurring fee revenues of approximately $19 million including net new business, acquisitions, higher distribution revenues of $11 million and higher event-driven fee revenues of $5 million. GAAP pre-tax margins from continuing operations of 5.4% improved compared to 3.8% for the same period last year as a result of the $10 million Penson impairment charge and $7 million of IBM Migration costs in the same period last year. Non-GAAP pre-tax margins from continuing operations were 7.0% compared to 6.9% in the same period last year.

For the six months ended December 31, 2012, GAAP net earnings from continuing operations of $34 million increased 45% compared to $24 million in the comparable period last year. Non-GAAP net earnings from continuing operations were $44 million compared to $42 million in the comparable period last year. GAAP diluted earnings per share from continuing operations increased to $0.27 per share compared to $0.19 per share for the comparable period last year. Non-GAAP diluted earnings per share from continuing operations were $0.35 per share compared to $0.33 per share for the comparable period last year. The Penson impairment charge and IBM Migration costs decreased GAAP diluted earnings per share by $0.05 and $0.03, respectively in the same period last year.

During the first six months of fiscal year 2013, our recurring revenue closed sales of $34 million decreased 45% from last year's comparable period. Free cash flow was $55 million. In addition, the Company repurchased approximately 3.9 million shares of Broadridge common stock under its stock repurchase plan at an average price of approximately $23.44 per share, and there remain approximately 5.9 million shares available for purchase under the stock repurchase plan as of December 31, 2012.

Fiscal Year 2013 Financial Guidance

We are reaffirming our full year guidance. We anticipate recurring revenue growth in the range of 4% to 7% and total revenue growth in the range of 3% to 4%, GAAP earnings from continuing operations before income taxes margins in the range of 13.8% to 14.4%, and Non-GAAP earnings from continuing operations before income taxes margins in the range of 15.1% to 15.7%.

We anticipate GAAP diluted earnings per share from continuing operations in the range of $1.60 to $1.70, and Non-GAAP diluted earnings per share from continuing operations in the range of $1.76 to $1.86, based on diluted weighted-average shares outstanding of approximately 128 million shares. Our free cash flow is expected to be in the range of approximately $200 million to $250 million. Our recurring revenue closed sales are expected to be in the range of $110 million to $150 million.

The Non-GAAP earnings margins guidance range excludes the projected impact of Acquisition Amortization and Other Costs and restructuring charges. The Non-GAAP pre-tax earnings margins and diluted earnings per share guidance ranges increased from the guidance we provided in August 2012 as a result of the exclusion of the impact of Acquisition Amortization and Other Costs which was not excluded in the guidance we provided in August 2012. Our guidance does not take into consideration the effect of any future acquisitions, additional debt or share repurchases.

Description of Non-GAAP Adjustments:

Non-GAAP Measures

In certain circumstances, results have been presented that are not generally accepted accounting principles measures ("Non-GAAP") and should be viewed in addition to, and not as a substitute for, the Company's reported results. Net earnings, diluted earnings per share and pre-tax earnings margins excluding Acquisition Amortization and Other Costs, Restructuring and Impairment Charges and IBM Migration costs are Non-GAAP measures. These measures are adjusted to exclude costs incurred by the Company in connection with amortization and other charges associated with the Company's acquisitions, the termination of the Outsourcing Services Agreement with Penson and the migration of its data center to IBM, as Broadridge believes this information helps investors understand the effect of these items on reported results and provides a better representation of our actual performance. Free cash flow is a Non-GAAP measure and is defined as cash flow from operating activities, less capital expenditures and purchases of intangibles. Management believes this Non-GAAP measure provides investors with a more complete understanding of Broadridge's underlying operational results. These Non-GAAP measures are indicators that management uses to provide additional meaningful comparisons between current results and prior reported results, and as a basis for planning and forecasting for future periods. Accompanying this release is a reconciliation of Non-GAAP measures to the comparable GAAP measures.

Acquisition Amortization and Other Costs

Acquisition Amortization and Other Costs represents amortization charges associated with intangible asset values as well as other deal costs associated with the Company's acquisitions. Our Non-GAAP results exclude the impact of the costs the Company incurred in connection with acquisitions. The Acquisition Amortization and Other Costs are recorded in our Cost of revenues in the Condensed Consolidated Statements of Earnings for the three and six months ended December 31, 2012 and 2011, respectively.

Restructuring and Impairment Charges

For the three and six months ended December 31, 2012, there were $4 million in pre-tax charges primarily related to restructuring charges as a result of the termination of the Outsourcing Services Agreement with Penson. These charges are recorded in our Other segment and Cost of revenues in the Condensed Consolidated Statements of Earnings for the three and six months ended December 31, 2012.

In fiscal year 2012, Broadridge reviewed its investment in the Penson common stock for impairment during the second fiscal quarter ended December 31, 2011. Based on the Company's review, factoring in the level of decline in the fair value of the Penson common stock, management determined that the market value of the Penson common stock would not equal or exceed the cost basis of its investment within a reasonable period of time. After consideration of the severity and duration of this decline in fair value as well as the reasons for the decline in value, the Company recorded an other-than-temporary impairment charge of $10 million in the Other segment in the Condensed Consolidated Statements of Earnings at December 31, 2011, and established a new cost basis for this investment.

IBM Migration Costs

In March 2010, Broadridge entered into an Information Technology Services Agreement with International Business Machines ("IBM") under which IBM provides us with certain aspects of our information technology infrastructure. Our fiscal year 2012 Non-GAAP results exclude the impact of the costs the Company incurred in connection with the migration of our data center to IBM (the "Migration"). The Migration costs are recorded in our Other segment and Cost of revenues in the Condensed Consolidated Statements of Earnings for the six months ended December 31, 2011. The more significant mainframe Migration was successfully completed at the end of our 2012 fiscal year resulting in a pre-tax charge of $25 million.

Earnings Conference Call

An analyst conference call will be held today, Thursday, February 7th at 8:30 a.m. ET. A live webcast of the call will be available to the public on a listen-only basis. To listen to the webcast and view the slide presentation, go to www.broadridge-ir.com and click on the webcast icon. The presentation will also be available to download and print approximately one hour before the webcast. Broadridge's news releases, current financial information, SEC filings and Investor Relations presentations are accessible on the same website.

About Broadridge

Broadridge Financial Solutions, Inc. (NYSE: BR) is the leading provider of investor communications and technology-driven solutions for broker-dealers, banks, mutual funds and corporate issuers globally. Broadridge's investor communications, securities processing and operations outsourcing solutions help clients reduce their capital investments in operations infrastructure, allowing them to increase their focus on core business activities. With 50 years of experience, Broadridge's infrastructure underpins proxy voting services for over 90% of public companies and mutual funds in North America, and processes more than $4.5 trillion in fixed income and equity trades per day. Broadridge employs approximately 6,200 full-time associates in 13 countries. For more information about Broadridge, please visit www.broadridge.com.

Forward-Looking Statements

This press release and other written or oral statements made from time to time by representatives of Broadridge may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical in nature, and which may be identified by the use of words like "expects," "assumes," "projects," "anticipates," "estimates," "we believe," "could be" and other words of similar meaning, are forward-looking statements. In particular, information appearing in the "Fiscal Year 2013 Financial Guidance" section are forward-looking statements. These statements are based on management's expectations and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed. These risks and uncertainties include those risk factors discussed in Part I, "Item 1A. Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended June 30, 2012 (the "2012 Annual Report"), as they may be updated in any future reports filed with the Securities and Exchange Commission. All forward-looking statements speak only as of the date of this press release and are expressly qualified in their entirety by reference to the factors discussed in the 2012 Annual Report. These risks include: the success of Broadridge in retaining and selling additional services to its existing clients and in obtaining new clients; Broadridge's reliance on a relatively small number of clients, the continued financial health of those clients, and the continued use by such clients of Broadridge's services with favorable pricing terms; changes in laws and regulations affecting the investor communication services provided by Broadridge; declines in participation and activity in the securities markets; overall market and economic conditions and their impact on the securities markets; any material breach of Broadridge security affecting its clients' customer information; the failure of Broadridge's outsourced data center services provider to provide the anticipated levels of service; any significant slowdown or failure of Broadridge's systems or error in the performance of Broadridge's services; Broadridge's failure to keep pace with changes in technology and demands of its clients; Broadridge's ability to attract and retain key personnel; the impact of new acquisitions and divestitures; and competitive conditions. Broadridge disclaims any obligation to update or revise forward-looking statements that may be made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events, other than as required by law.


                    Broadridge Financial Solutions, Inc.
                Condensed Consolidated Statements of Earnings
                   (In millions, except per share amounts)
                                 (Unaudited)

                                        Three Months         Six Months
                                      Ended December 31,  Ended December 31,
                                        2012      2011      2012      2011
                                     --------- --------- --------- ---------
Revenues                             $   493.2 $   479.8 $   989.0 $   956.2
                                     --------- --------- --------- ---------


Cost of revenues                         387.6     382.6     777.6     765.4
Selling, general and administrative
 expenses                                 77.2      73.5     150.1     138.2
Impairment charge                           --       9.7        --       9.7
Other expenses, net                        3.7       3.4       8.0       6.1
                                     --------- --------- --------- ---------
  Total expenses                         468.5     469.2     935.7     919.4
                                     --------- --------- --------- ---------

Earnings from continuing operations
 before income taxes                      24.7      10.6      53.3      36.8
Provision for income taxes                 8.9       3.8      19.2      13.3
                                     --------- --------- --------- ---------
Net earnings from continuing
 operations                               15.8       6.8      34.1      23.5
Loss from discontinued operations,
 net of tax benefit                         --        --        --        --
                                     --------- --------- --------- ---------
Net earnings                         $    15.8 $     6.8 $    34.1 $    23.5
                                     ========= ========= ========= =========

Basic Earnings per share:
Basic earnings per share from
 continuing operations               $    0.13 $    0.05 $    0.28 $    0.19
Basic loss per share from
 discontinued operations                    --        --        --        --
                                     --------- --------- --------- ---------
Basic earnings per share             $    0.13 $    0.05 $    0.28 $    0.19
                                     ========= ========= ========= =========

Diluted earnings per share:Diluted
 earnings per share from continuing
 operations                          $    0.13 $    0.05 $    0.27 $    0.19
Diluted loss per share from
 discontinued operations                    --        --        --        --
                                     --------- --------- --------- ---------
Diluted earnings per share           $    0.13 $    0.05 $    0.27 $    0.19
                                     ========= ========= ========= =========


Weighted-average shares outstanding:
  Basic                                  122.0     123.7     123.0     123.7
  Diluted                                125.5     127.2     126.3     126.9

Dividends declared per common share  $    0.18 $    0.16 $    0.36 $    0.32



                    Broadridge Financial Solutions, Inc.
                   Condensed Consolidated Balance Sheets
                  (In millions, except per share amounts)
                                (Unaudited)

                                                 December 31,    June 30,
                                                     2012          2012
                                                 ------------  ------------
Assets
Current assets:
  Cash and cash equivalents                      $      259.1  $      320.5
  Accounts receivable, net of allowance for
   doubtful accounts of $5.1 and $6.5,
   respectively                                         305.2         370.7
  Other current assets                                   89.3          86.2
                                                 ------------  ------------
    Total current assets                                653.6         777.4
Property, plant and equipment, net                       76.5          79.0
Goodwill                                                782.6         780.0
Intangible assets, net                                  126.8         143.3
Other non-current assets                                216.7         207.9
                                                 ------------  ------------
      Total assets                               $    1,856.2  $    1,987.6
                                                 ============  ============

Liabilities and Stockholders' Equity
Current liabilities:
  Accounts payable                               $       97.7  $      102.2
  Accrued expenses and other current liabilities        198.3         260.6
  Deferred revenues                                      48.4          47.5
                                                 ------------  ------------
    Total current liabilities                           344.4         410.3
Long-term debt                                          524.4         524.4
Deferred taxes                                           56.3          63.2
Deferred revenues                                        41.7          38.3
Other non-current liabilities                           106.0         100.9
                                                 ------------  ------------
      Total liabilities                               1,072.8       1,137.1
                                                 ------------  ------------

Commitments and contingencies

Stockholders' equity:
  Preferred stock: Authorized, 25.0 shares;
   issued and outstanding, none                            --            --
  Common stock, $0.01 par value: Authorized,
   650.0 shares; issued, 153.8 shares and 152.9
   shares, respectively; outstanding, 121.8 and
   124.8 shares, respectively                             1.5           1.5
  Additional paid-in capital                            769.1         739.4
  Retained earnings                                     676.3         686.1
  Treasury stock: at cost, 32.0 and 28.1 shares,
   respectively                                        (672.7)       (580.0)
  Accumulated other comprehensive income                  9.2           3.5
                                                 ------------  ------------
    Total stockholders' equity                          783.4         850.5
                                                 ------------  ------------

      Total liabilities and stockholders' equity $    1,856.2  $    1,987.6
                                                 ============  ============


                    Broadridge Financial Solutions, Inc.
                               Segment Results
                                (In millions)
                                 (Unaudited)

                                                     Revenues
                                     ---------------------------------------
                                         Three Months         Six Months
                                      Ended December 31,  Ended December 31,
                                     ------------------- -------------------
                                        2012      2011      2012      2011
                                     --------- --------- --------- ---------
Investor Communication Solutions     $   326.8 $   316.8 $   666.3 $   629.8
Securities Processing Solutions          163.8     161.1     317.7     319.5
Other                                       --       0.1        --       0.1
Foreign currency exchange                  2.6       1.8       5.0       6.8
                                     --------- --------- --------- ---------
  Total                              $   493.2 $   479.8 $   989.0 $   956.2
                                     ========= ========= ========= =========


                                 Earnings (Loss) from Continuing Operations
                                             before Income Taxes
                                 ------------------------------------------
                                     Three Months           Six Months
                                  Ended December 31,    Ended December 31,
                                 --------------------  --------------------
                                    2012       2011       2012       2011
                                 ---------  ---------  ---------  ---------
Investor Communication Solutions $    16.5  $    10.6  $    43.7  $    19.0
Securities Processing Solutions       20.0       20.2       29.4       48.0
Other                                (15.1)     (22.7)     (27.0)     (35.6)
Foreign currency exchange              3.3        2.5        7.2        5.4
                                 ---------  ---------  ---------  ---------
  Total                          $    24.7  $    10.6  $    53.3  $    36.8
                                 =========  =========  =========  =========


                    Broadridge Financial Solutions, Inc.
                Reconciliation of Non-GAAP to GAAP Measures
                  (In millions, except per share amounts)

                                 Earnings from Continuing Operations before
                                                Income Taxes
                                 ------------------------------------------
                                     Three Months           Six Months
                                  Ended December 31,    Ended December 31,
                                 --------------------  --------------------
                                    2012       2011       2012       2011
                                 ---------  ---------  ---------  ---------
Adjusted Earnings from
 Continuing Operations before
 Income Taxes (Non-GAAP)         $    34.1  $    30.4  $    68.9  $    66.1
Acquisition Amortization and
 Other Costs                          (5.8)      (6.4)     (11.3)     (12.7)
Restructuring and Impairment
 Charges                              (3.6)      (9.7)      (4.3)      (9.7)
IBM Migration Costs                     --       (3.7)        --       (6.9)
                                 ---------  ---------  ---------  ---------
Earnings from Continuing
 Operations before Income Taxes
 (GAAP)                          $    24.7  $    10.6     $ 53.3  $    36.8
                                 =========  =========  =========  =========
Pre-tax Margins (Non-GAAP)             6.9%       6.3%       7.0%       6.9%
Pre-tax Margins (GAAP)                 5.0%       2.2%       5.4%       3.8%


                                   Net Earnings from Continuing Operations
                                 ------------------------------------------
                                     Three Months           Six Months
                                  Ended December 31,    Ended December 31,
                                 --------------------  --------------------
                                    2012       2011       2012       2011
                                 ---------  ---------  ---------  ---------
Adjusted Net Earnings from
 Continuing Operations (Non-
 GAAP)                           $    21.8  $    19.4  $    44.1  $    42.2
Acquisition Amortization and
 Other Costs, net of taxes            (3.7)      (4.0)      (7.2)      (8.1)
Restructuring and Impairment
 Charges, net of taxes                (2.3)      (6.2)      (2.8)      (6.2)
IBM Migration Costs, net of
 taxes                                  --       (2.4)        --       (4.4)
                                 ---------  ---------  ---------  ---------
Net Earnings from Continuing
 Operations (GAAP)               $    15.8  $     6.8  $    34.1  $    23.5
                                 =========  =========  =========  =========


                                 Diluted Earnings Per Share from Continuing
                                                 Operations
                                 ------------------------------------------
                                     Three Months            Six Months
                                    Ended June 30,      Ended December 31,
                                 --------------------  --------------------
                                    2012       2011       2012       2011
                                 ---------  ---------  ---------  ---------
Adjusted Diluted Earnings Per
 Share from Continuing
 Operations (Non-GAAP)           $    0.17  $    0.15  $    0.35  $    0.33
Acquisition Amortization and
 Other Costs, net of taxes           (0.03)     (0.03)     (0.06)     (0.06)
Restructuring and Impairment
 Charges, net of taxes               (0.01)     (0.05)     (0.02)     (0.05)
IBM Migration Costs, net of
 taxes                                  --      (0.02)        --      (0.03)
                                 ---------  ---------  ---------  ---------
Diluted Earnings Per Share from
 Continuing Operations (GAAP)    $    0.13  $    0.05  $    0.27  $    0.19
                                 =========  =========  =========  =========



                    Broadridge Financial Solutions, Inc.
                 Reconciliation of Non-GAAP to GAAP Measures
               EBIT from Continuing Operations Reconciliation
                                (In millions)

                                                 Q2 YTD         FY13
                                                  FY13      Guidance Range

                                                 Actual     Low       High
                                               --------- --------- ---------
EBIT (Non-GAAP)                                $   65    $   353   $   377
                                               ========= ========= =========
  EBIT Margins (Non-GAAP)                         6.6%      14.9%     15.7%
                                               ========= ========= =========
  Acquisition Amortization and Other Costs         11        22        22
  Interest and Other                               (7)      (17)      (21)
                                               --------- --------- ---------
Total EBT (Non-GAAP)                               69        358       378
                                               ========= ========= =========
  EBT Margins (Non-GAAP)                          7.0%      15.1%     15.7%
  Acquisition Amortization and Other Costs        (11)      (22)      (22)
  Restructuring Charges                            (4)      (10)      (10)
                                               --------- --------- ---------
Total EBT (GAAP)                                   53        326       346
                                               ========= ========= =========
  EBT Margins (GAAP)                              5.4%      13.8%     14.4%

NOTE: Amounts in this table may not sum to totals due to rounding.


                    Broadridge Financial Solutions, Inc.
                Reconciliation of Non-GAAP to GAAP Measures
                         Fiscal Year 2013 Guidance
                  (In millions, except per share amounts)

                                                               FY13
                                                        Guidance Range (a)
                                                             Low High
                                                       --------------------
Adjusted Earnings from Continuing Operations before
 Income Taxes (Non-GAAP)                               $     358  $     378

  Acquisition Amortization and Other Costs                   (22)       (22)
  Restructuring Charges                                      (10)       (10)

                                                       ---------  ---------

Earnings from Continuing Operations before Income
 Taxes (GAAP)                                          $     326  $     346
                                                       =========  =========

Pre-tax Margins (Non-GAAP)                                  15.1%      15.7%
Pre-tax Margins (GAAP)                                      13.8%      14.4%

                                                               FY13
                                                        Guidance Range (a)
                                                             Low High
                                                       --------------------
Adjusted Diluted EPS from Continuing Operations (Non-
 GAAP)                                                 $    1.76  $    1.86

  Acquisition Amortization and Other Costs                 (0.11)     (0.11)
  Restructuring Charges                                    (0.05)     (0.05)

                                                       ---------  ---------

Diluted EPS from Continuing Operations (GAAP)          $    1.60  $    1.70
                                                       =========  =========

(a) Guidance does not take into consideration the effect of any future acquisitions, additional debt and/or share repurchases.


                    Broadridge Financial Solutions, Inc.
                Reconciliation of Non-GAAP to GAAP Measures
                               Free Cash Flow
                               (In millions)

                                              Q2 YTD           FY13
                                               FY13     Guidance Range (a)

                                              Actual      Low        High
                                            ---------  ---------  ---------
Net Earnings from Continuing Operations
 (GAAP)                                     $      34  $     205  $     218
  Depreciation and amortization (includes
   other LT assets)                                48         95        105
  Stock-based compensation expense                 13         31         31
  Other                                            (5)        (5)         5
                                            ---------  ---------  ---------
Subtotal                                           90        326        359

  Working capital changes                          (1)       (15)       (15)
  Long-term assets & liabilities changes          (15)       (60)       (50)
                                            ---------  ---------  ---------

Net cash flow provided by continuing
 operating activities                              74        251        294

Cash Flows From Investing Activities
  Capital expenditures and software
   purchases                                      (19)       (55)       (45)
                                            ---------  ---------  ---------

Free cash flow (Non-GAAP)                   $      55  $     196  $     249
                                            =========  =========  =========

(a) Guidance does not take into consideration the effect of any future acquisitions, additional debt and/or share repurchases.

Contact Information
Investors:
David Ng
Broadridge Financial Solutions, Inc.
Senior Director, Investor Relations
(516) 472-5491

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"At our booth we are showing how to provide trust in the Internet of Things. Trust is where everything starts to become secure and trustworthy. Now with the scaling of the Internet of Things it becomes an interesting question – I've heard numbers from 200 billion devices next year up to a trillion in the next 10 to 15 years," explained Johannes Lintzen, Vice President of Sales at Utimaco, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
"For over 25 years we have been working with a lot of enterprise customers and we have seen how companies create applications. And now that we have moved to cloud computing, mobile, social and the Internet of Things, we see that the market needs a new way of creating applications," stated Jesse Shiah, CEO, President and Co-Founder of AgilePoint Inc., in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the industry’s first all flash version of HyperConverged Appliances that include both compute and storag...
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile devices as well as laptops and desktops using a visual drag-and-drop application – and eForms-buildi...
We certainly live in interesting technological times. And no more interesting than the current competing IoT standards for connectivity. Various standards bodies, approaches, and ecosystems are vying for mindshare and positioning for a competitive edge. It is clear that when the dust settles, we will have new protocols, evolved protocols, that will change the way we interact with devices and infrastructure. We will also have evolved web protocols, like HTTP/2, that will be changing the very core of our infrastructures. At the same time, we have old approaches made new again like micro-services...
Code Halos - aka "digital fingerprints" - are the key organizing principle to understand a) how dumb things become smart and b) how to monetize this dynamic. In his session at @ThingsExpo, Robert Brown, AVP, Center for the Future of Work at Cognizant Technology Solutions, outlined research, analysis and recommendations from his recently published book on this phenomena on the way leading edge organizations like GE and Disney are unlocking the Internet of Things opportunity and what steps your organization should be taking to position itself for the next platform of digital competition.
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
As the Internet of Things unfolds, mobile and wearable devices are blurring the line between physical and digital, integrating ever more closely with our interests, our routines, our daily lives. Contextual computing and smart, sensor-equipped spaces bring the potential to walk through a world that recognizes us and responds accordingly. We become continuous transmitters and receivers of data. In his session at @ThingsExpo, Andrew Bolwell, Director of Innovation for HP's Printing and Personal Systems Group, discussed how key attributes of mobile technology – touch input, sensors, social, and ...
In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect at GE, and Ibrahim Gokcen, who leads GE's advanced IoT analytics, focused on the Internet of Things / Industrial Internet and how to make it operational for business end-users. Learn about the challenges posed by machine and sensor data and how to marry it with enterprise data. They also discussed the tips and tricks to provide the Industrial Internet as an end-user consumable service using Big Data Analytics and Industrial Cloud.
Building low-cost wearable devices can enhance the quality of our lives. In his session at Internet of @ThingsExpo, Sai Yamanoor, Embedded Software Engineer at Altschool, provided an example of putting together a small keychain within a $50 budget that educates the user about the air quality in their surroundings. He also provided examples such as building a wearable device that provides transit or recreational information. He then reviewed the resources available to build wearable devices at home including open source hardware, the raw materials required and the options available to power s...
Things are being built upon cloud foundations to transform organizations. This CEO Power Panel at 15th Cloud Expo, moderated by Roger Strukhoff, Cloud Expo and @ThingsExpo conference chair, addressed the big issues involving these technologies and, more important, the results they will achieve. Rodney Rogers, chairman and CEO of Virtustream; Brendan O'Brien, co-founder of Aria Systems, Bart Copeland, president and CEO of ActiveState Software; Jim Cowie, chief scientist at Dyn; Dave Wagstaff, VP and chief architect at BSQUARE Corporation; Seth Proctor, CTO of NuoDB, Inc.; and Andris Gailitis, C...
There's Big Data, then there's really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at Big Data Expo®, Hannah Smalltree, Director at Treasure Data, discussed how IoT, Big Data and deployments are processing massive data volumes from wearables, utilities and other machines...
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Media announced that Splunk, a provider of the leading software platform for real-time Operational Intelligence, has launched an ad campaign on Big Data Journal. Splunk software and cloud services enable organizations to search, monitor, analyze and visualize machine-generated big data coming from websites, applications, servers, networks, sensors and mobile devices. The ads focus on delivering ROI - how improved uptime delivered $6M in annual ROI, improving customer operations by mining large volumes of unstructured data, and how data tracking delivers uptime when it matters most.
In this Women in Technology Power Panel at 15th Cloud Expo, moderated by Anne Plese, Senior Consultant, Cloud Product Marketing at Verizon Enterprise, Esmeralda Swartz, CMO at MetraTech; Evelyn de Souza, Data Privacy and Compliance Strategy Leader at Cisco Systems; Seema Jethani, Director of Product Management at Basho Technologies; Victoria Livschitz, CEO of Qubell Inc.; Anne Hungate, Senior Director of Software Quality at DIRECTV, discussed what path they took to find their spot within the technology industry and how do they see opportunities for other women in their area of expertise.
While great strides have been made relative to the video aspects of remote collaboration, audio technology has basically stagnated. Typically all audio is mixed to a single monaural stream and emanates from a single point, such as a speakerphone or a speaker associated with a video monitor. This leads to confusion and lack of understanding among participants especially regarding who is actually speaking. Spatial teleconferencing introduces the concept of acoustic spatial separation between conference participants in three dimensional space. This has been shown to significantly improve comprehe...
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, data security and privacy.
Performance is the intersection of power, agility, control, and choice. If you value performance, and more specifically consistent performance, you need to look beyond simple virtualized compute. Many factors need to be considered to create a truly performant environment. In his General Session at 15th Cloud Expo, Harold Hannon, Sr. Software Architect at SoftLayer, discussed how to take advantage of a multitude of compute options and platform features to make cloud the cornerstone of your online presence.